Not so drastic but more of drop in income. It is a function of demand and supply.

Demand wise, Population is aging. So per head, there is higher healthcare consumption because people are living longer. But a lot of money goes to drug companies and insurance companies, not just to the doctors.

The drastic increase in supply shifts the supply curve to the rightwards, so the price will drop.
Reasons for increase in supply:

1) a lot more doctors nowadays
2) nurses and pharmacist can actually do some or most of doctor job
3) increasing use of technology.


So price will drop and doctor income will fall. Already we are seeing it.
The reduction in income will spur less students to study mbbs or md.

I personally dont think it is an economical decision to spend $400k to study medicine.
Since income likely to stagnate.

This is not necessarily a bad thing for society as a whole due to cheaper doctor labour with the slight excess manpower capacity. But there is one caveat. With the reduction in income, some doctors may overtreat and monetise the smaller pool of patients.